All Forum Posts by: Phillip Austin

Good day,

I am purchasing my first duplex. This will be my 4th and 5th units to my portfolio. I have been wanting to get into multifamily since the beginning, so I want to make sure that I do this correctly. I am excited about this but nervous that I will be inheriting tenants. The rent analysis says that the rents are on par with the area and the utilities are separated, except the water which the tenants pay a fee on. Outside of these things, when inheriting tenants on a multifamily purchase, are there any red flags or a specific checklist of items you try to make sure of before closing? 

Any and all advice is appreciated. Thank you!

This is my first tenant that I ever placed and she didnt quite meet the financial thresholds that I wanted but she brought a co-signer so I let it fly. Well, she paid ok (a few late here and there, but not something I fretted over) and she had a stroke back in January. After her stroke, she sought rental assistance which paid out and she paid on time for a couple months. Now, she has lost her job as a result of that stroke. She is now 4 months behind, which triggers my initial reaction to file eviction. However, she has offered to move out as a result of the non-payment but has also said that she would like to bring it up to term. My partner and I are not quite sure where to go with this, we are within out legal rights to move on her but should we allow her to bring the account to current? Any advice is greatly appreciated!

Good day BP Forum,

I co-own a few rentals with my partner. We currently own auto insurance through other insurance parties that we own our properties through, we have found a provider that can consolidate everything and get us an overall lower rate as a result. My question is for anyone who has moved their personal automobiles under the LLC umbrella and converted to commercial insurance.

Is moving the autos underneath the LLC a good move and converting to commercial? I would like the ability to write off our autos as expenses if possible or if there is another option that someone has considered....I'm certainly open to any sort of opinion or advice!

Have a great day,

Good morning,

We are looking to see what are the tax incentives of buying a house outright in January 2021 or December 2020. We are new to the RE game and are looking for any advice that could be offered. If you have any advice about the current scenario it would be greatly appreciated. We are also searching for anyone who might work with us remotely on tax advice and filing, going forward.

Thank you,
 

Good afternoon everyone,

I purchased a rental last year for 55k, put about 3.5k into it and brought the rent up from $750 to $800. We are currently cash flowing $425/month off of the property and the tenant is a good tenant so far. The original appraisal said that the house could be worth 75k if we were to update some things, which we did. So, the house directly across the street (which is smaller but nicer) just sold for 98k. We are weary of a potential spike in housing inventory next year and want to have cash to be ready to strike. My partner and I are both in our mid 20s so we don't have a whole lot of capital at the moment. What do you think our options are? I would like to keep the tenant and the house, it's a solid house in a good location. I am planning to read the BRRRR book, but I have to finish two other books before I can get to it.

Sorry if I rambled a bit, would looking into a cash out refinance or a HELOC be a better choice for us?

Thank you for reading and have a good day,

@Chris Seveney Yeah, that makes sense. 

I'm not too sure of the ins and outs of his personal financial situation. I agree that it seemed a bit strange. I don't know how much equity he has in it but i do know that he bought it with almost no money down, it stands to reason that he must be quite over-leveraged. What do you mean by a wrap though?

From what my partner was telling me, it is not likely to be a good rental. I was just curious to see if anyone has any ideas on how to lower the monthly mortgage of the property. It's an A class property but the mortgage price vs. rent comps in the area are not too much higher than the mortgage monthly payment. So I'm looking for any idea of creativity that might work. 

Thank you!

My partner's father has lost his retirement income due to the stock market crash, he is now planning to default on the mortgage. He is asking if we would be interested in taking over his mortgage by placing my partners name on the deed. Well, that's fine and all but his mortgage is quite high, we are still starting out so not necessarilyin a position to over leverage ourselves. My question for the forums is, are there other ways to tackle this besides just placing him on the deed and taking over the mortgage? I feel like I have heard on the podcasts of people taking on peoples mortgages and I can't remember the exact strategies used. Any and all help is greatly appreciated!!

Wow Jacob, congrats! I just moved to the Charleston area a couple months ago and currently living West Ashley right near where your new property is. I love living in this area, very convenient to everything. You must've put in some serious browsing hours to find an ADU that worked out like that. I'm sure whenever you move on from this property you will have no trouble finding renters for that property in the future.

Hello BP community, long time listener of the podcast(s) and ready of the forums , just recently made an account and recently purchased my first home in the Augusta area with my partner, we are currently rehabbing/modernizing it to bring in some additional equity value. Recently my job has taken me to the Charleston, SC area where I am now looking into a purchase using a traditional FHA owner-occupied loan and house-hacking/live-in-flip until I leave the area and turn it into a long term buy and hold property. I am not familiar with the area as of yet due to my newness but perusing the MLS is at least showing me where the lower priced areas are.

I'm currently looking for a C to B- class property in the north charleston, goose creek, moncks corner area. Those seem to show (on the surface) the best ROI and the possibility for having a decent tenant in the long run. Currently working with a realtor/investor, but I am always up for listening to advice and connecting with other investors on my current level.

Let's connect and have a great day BP crowd,

PA